Acquisition to strengthen engineering and electronics competenciesWill increase Magna’s forward lighting engineering capability in EuropeA complement to the 2018 acquisition of OLSA S.p.A.AURORA, Ontario, Nov. 20, 2019 (GLOBE NEWSWIRE) — Magna has agreed to acquire Wipac Czech s.r.o., a premium automotive lighting engineering firm located in Ostrava, Czech Republic. The transaction – Magna’s second lighting acquisition in as many years – is expected to close the week of November 25 and will expand Magna’s engineering capabilities globally.Wipac Czech s.r.o.’s engineering team designs and develops automotive forward lighting, primarily for European exotic and luxury brands. With more than 40 engineers on staff, the company has significant technical competencies having served premium customers including Aston Martin, Bentley, Rolls Royce, McLaren, Lamborghini, Bugatti, Audi, Daimler, BMW and Porsche.“We see Wipac Czech playing an important role in growing our global lighting business, particularly with forward lighting to European automakers,” said John O’Hara, President of Magna Mechatronics, Mirrors and Lighting. “Lighting represents a strategic growth area for us, due to increasing levels of electronic and sensor integration and the ongoing industry trend to differentiate vehicles through styling.”With the 2018 acquisition of OLSA S.p.A., a market leader in rear lighting technology, and now Wipac Czech s.r.o., Magna has added to its existing N.A. footprint and has a total of 11 lighting manufacturing facilities and three engineering centers globally. The company has the capability to design, engineer and manufacture advanced forward and rear lighting products in its key auto production regions around the world.TAGS
Automotive lighting, headlamps, tail lamps, automotive M&AINVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
louis.tonelli@magna.com, (+1) 905.726.7035MEDIA CONTACTS
Tracy Fuerst, Global Director of Corporate Communications & PR
tracy.fuerst@magna.com, (+1) 248.631.5396Rej Husetovic, Director Corporate Communications & Media Relations Europe
rej.husetovic@magna.com, (+49) 6093 9942-5056ABOUT MAGNA
We are a mobility technology company. We have more than 166,000 entrepreneurial-minded employees and 346 manufacturing operations and 92 product development, engineering and sales centres in 28 countries. We have complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, active driver assistance, electronics, mechatronics, mirrors, lighting and roof systems. Magna also has electronic and software capabilities across many of these areas. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit www.magna.com.THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE “FORWARD-LOOKING STATEMENTS” UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA’S REGULATORY FILINGS. PLEASE REFER TO MAGNA’S MOST CURRENT MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA’S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA’S WEBSITE AT WWW.MAGNA.COM.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fa94abe8-a6bf-479c-85f9-f12c62a8444b.
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